BGM Group Announces Board Reshuffle: New Leadership Embarks on a Transformative Journey Amid Tech Revolution

Rhea-AI Summary

BGM Group (NASDAQ: BGM) announced significant leadership changes effective March 1, 2025. Founder and Chairman Zhanchang Xin will step down, with current CEO Chen Xin assuming the Chairman position. The transition marks a strategic shift towards technological transformation.

Chen Xin, who became CEO in May 2024, brings extensive experience in autonomous driving algorithms and AI technology, holding degrees from Sichuan University and the National University of Singapore. The company also appointed Lin Zhang as an independent director and chairman of the compensation committee, replacing Ming Jing. Zhang's background includes roles at Geely Automobile Research Institute and expertise in AI model architecture.

This board reshuffle represents BGM's strategic move to embrace technological innovation and market expansion, with the new leadership focused on accelerating the company's transformation and creating shareholder value.

Positive

• New Chairman brings strong AI and autonomous driving expertise
• Addition of independent director with AI model architecture experience
• Strategic shift towards technological transformation and innovation

Negative

• Departure of founding Chairman could create leadership transition risks

CHENGDU, China, Feb. 28, 2025 /PRNewswire/ -- BGM Group Ltd (NASDAQ: BGM) (the "Company" or "BGM") today announced changes to its board of directors, marking the Company's entry into a new phase of technological transformation and sustainable growth.

Mr. Zhanchang Xin has tendered his resignation and will step down from his role as Chairman of the Company, effective March 1, 2025. He will be succeeded by Mr. Chen Xin, the current Chief Executive Officer of the Company, who will assume the position of Chairman.

As the founder of the Company, Mr. Zhanchang Xin has, over the past six decades, has played a pivotal role in leading the Company through numerous challenges and milestones, including its successful listing on NASDAQ, laying a solid foundation for the Company's development. At this critical juncture in the Company's strategic transformation, Mr. Zhanchang Xin, with a clear vision of the Company's future, has made the decision to step down. He stated, "I made this decision after careful reflection. As the Company enters a new phase of development, I believe this transition is crucial to ensure that Company is positioned to continue its trajectory of growth. I am confident that the younger generation of leaders will bring innovative ideas and broad vision, allowing the Company to navigate the next chapter of its growth with renewed vigor."

Effective March 1, 2025, Mr. Chen Xin will officially assume the role of Chairman. Since becoming Chief Executive Officer in May 2024, he has led and participated in the acquisition project of Duxiaobao Intelligent Technology (Shenzhen) Co., Ltd. and has served as a member of its management committee, accumulating extensive experience in market consolidation and corporate management. Previously, he worked as an autonomous driving algorithm engineer at Shenzhen DJI Innovation Technology Co., Ltd. and Geely Automobile Research Institute. He has extensive engineering experience in artificial intelligence algorithms and data analytics. He holds a Bachelor's degree in Physics from Sichuan University and a Master's degree in Physics from the National University of Singapore, with a focus on the intersection of Physics and Machine Learning. His graduate research focuses on electron microscopy image processing and three-dimensional protein molecular structure prediction, bringing profound technological expertise and cutting-edge ideas to the Company's technological transformation.

Mr. Chen Xin stated, "I am deeply honored by the trust and support from the Board to take on the role of Chairman at such a critical time. As a member of this Company, I have witnessed the extraordinary achievements under the leadership of Mr. Zhanchang Xin. His wisdom and perseverance have provided a solid foundation for our success, while his visionary decisions have guided us into this exciting new phase."

"With the rapid development of technology, the Company faces unprecedented opportunities and challenges. I will work closely with the Board and all employees to drive the Company's technological transformation and strategic upgrade, helping the Company achieve higher goals in the global competition and create greater value for our shareholders."

The Board of Directors also announces the appointment of Mr. Lin Zhang as an independent director, chairman of the compensation committee, and a member of the audit committee and the nominating and corporate governance committee, effective March 1, 2025. taking over the position previously held by Mr. Ming Jing. Mr. Lin Zhang has rich experience in AI model architecture design, development, and mass production application. Since August 2023, he has served as the chief algorithm engineer at Geely Automobile Research Institute, leading the deep learning projects for intelligent driving planning models for multiple mass-produced vehicle models. From May 2022 to July 2023, he worked as an algorithm engineer at Shanghai Yunji Zhixing Intelligent Technology Co., Ltd., where he successfully led the development of the multimodal trajectory prediction AI model for the Robotaxi project and achieved remarkable results in multi-agent interaction modeling in complex urban scenarios. He holds a Ph.D. in Physics from the National University of Singapore, with a focus on deep learning network theory in artificial intelligence. He graduated with a Bachelor's degree in Physics from Sichuan University. His expertise and practical experience will provide strong support for Company A Group's decision-making, helping the company navigate technological waves and foster innovation. He holds a Ph.D. in Physics from the National University of Singapore with his doctoral research focusing on the theory of deep learning networks in artificial intelligence. He graduated from Sichuan University with a Bachelor's degree in Physics. His professional background and practical experience will provide strong support for the decision-making of BGM Group and help the Company navigate technological waves and foster innovation.

This board reshuffle represents a key move for Company in embracing the wave of technological transformation and achieving strategic upgrades. The new leadership team is committed to fostering innovation and professionalism, providing high-quality decision-making for the company, accelerating the Company's technological transformation, expanding its market presence, and creating greater value for shareholders and the industry.

About BGM Group Ltd

BGM Group Ltd. has a strategic focus on the technology fields of AI application, intelligent robots, algorithmic computing power, cloud computing, and biopharmaceuticals.

In terms of AI application implementation, the group relies on big data mining and AI Agent technology, and utilizes the two platforms of Du Xiao Bao and Bao Wang to provide comprehensive and professional AI solutions and intelligent robot services for insurance companies, insurance brokers, and consumers. Its services cover multiple key scenarios such as sales and marketing, underwriting assessment, claims processing, and customer service. The group is capable of analyzing consumer data, building consumer profiles, accurately predicting insurance needs, and providing highly customized services for consumers.

In the field of biopharmaceuticals, the group's biopharmaceutical division mainly produces oxytetracycline API, crude heparin sodium, and licorice preparations, which are widely supplied to the global animal husbandry, pharmaceutical, and drug retail markets. The group deeply integrates AI-assisted decision-making into every link of production and manufacturing, achieving supply chain optimization, process efficiency improvement, and market trend prediction. This provides scientific decision-making basis for the management and offers high-quality products and precise services for consumers.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

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SOURCE BGM Group Ltd

FAQ

When will BGM Group's leadership transition take effect?

The leadership transition at BGM Group will take effect on March 1, 2025, with Chen Xin becoming Chairman and Lin Zhang joining as independent director.

What is Chen Xin's background before becoming BGM's Chairman?

Chen Xin served as BGM's CEO since May 2024, previously working as an autonomous driving algorithm engineer at DJI and Geely Automobile Research Institute, with degrees in Physics focusing on Machine Learning.

What experience does new BGM independent director Lin Zhang bring?

Lin Zhang brings expertise in AI model architecture, serving as chief algorithm engineer at Geely Automobile Research Institute and previously developing multimodal trajectory prediction AI models at Shanghai Yunji Zhixing.

How does BGM's board reshuffle align with its strategic direction?

The board reshuffle represents BGM's strategic move towards technological transformation, focusing on innovation and market expansion under leadership with strong AI and technology expertise.